Last Year Car Sales, Domestic ↓ Overseas ↑ (Summary)

Sales Performance of 5 Domestic Complete Car Manufacturers Last Year Summarized

New cars waiting at the export loading yard of Hyundai Motor Company's Ulsan Plant

[Asia Economy Reporter Choi Dae-yeol] Domestic sales decreased, while exports increased. This is the performance report of five domestic finished car manufacturers last year. Despite ongoing production disruptions caused by semiconductor supply shortages throughout the year, overall results slightly improved compared to the previous year as sales increased mainly overseas.

According to the sales performance data announced on the 3rd by five finished car companies including Hyundai Motor (Kia, Korea GM, Renault Korea, Ssangyong Motor), last year's total domestic sales amounted to 1,388,476 units. Compared to the 1,433,605 units sold in 2021, this represents a decrease of about 3.1%.

Although domestic sales shrank, overseas sales performed well. Last year, the five companies' export volume reached 6,008,198 units, an increase of 5.6% from the previous year (5,687,789 units).

The strong sales of Korean-made cars in overseas markets are attributed to the release of various new models by each company and a focus on overseas sales rather than domestic sales due to factors such as exchange rates. As the value of the Korean won declined, companies judged that selling the same cars overseas to earn foreign currencies like dollars was more profitable than domestic sales.

By company, Kia and Ssangyong Motor saw an increase in domestic sales last year, while the other three companies experienced a decline. In terms of exports, all five companies saw increases. Notably, Korea GM, Renault Korea, and Ssangyong Motor's export volumes surged by double digits within a year. This was thanks to strong sales of sports utility vehicles (SUVs) overseas for all three companies.

The combined domestic and overseas sales volume of the five domestic finished car companies last year was 7,396,674 units, about 3.9% higher than the 7,121,394 units sold a year earlier. Considering the ongoing poor supply situation of automotive semiconductors due to COVID-19, as well as sporadic adverse events such as the Russian invasion in March and factory operation disruptions caused by the resurgence of COVID-19 in the second half of the year, this performance can be considered solid.

By company, Hyundai Motor's domestic and overseas sales last year totaled 3,944,579 units, up 1.4% from the previous year. Kia sold 2,903,619 units, an increase of 4.6% during the same period. In terms of growth rate, the three mid-sized companies?Korea GM, Renault, and Ssangyong?showed larger increases. Korea GM sold 264,875 units domestically and internationally, up 11.7% from 2021; Renault Korea sold 169,641 units, a 27.8% increase. Ssangyong Motor, acquired by KG Group last year, sold 113,960 units, marking a 34.9% increase in sales during the same period.